FPSB Strategic Plan. Competency Profile. April 2008 Financial Planner. CFP Certification Global excellence in financial planning TM

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1 FPSB Strategic Plan April 2008 Financial Planner Competency Profile CFP Certification Global excellence in financial planning TM

2 MISSION STATEMENT Financial Planning Standards Board Ltd. (FPSB) benefits the clients and potential clients of financial planners by establishing, upholding and promoting worldwide professional standards in financial planning. FPSB s commitment to excellence is represented by the marks of professional distinction CFP, CERTIFIED FINANCIAL PLANNER and. Copyright 2011, Financial Planning Standards Board Ltd. All rights reserved. 2 2

3 TABLE OF CONTENTS FPSB s Financial Planner Competency Profile...2 Financial Planner Abilities...3 Financial Planner Abilities Framework...4 Financial Planner Abilities Matrix Terms Used in the Financial Planner Abilities Matrix...9 Financial Planner Professional Skills...10 Financial Planner Professional Skills Matrix...11 Financial Planning Body of Knowledge...12 Financial Planning Body of Knowledge Framework...12 Financial Planning Body of Knowledge Topic Categories

4 FPSB S FINANCIAL PLANNER COMPETENCY PROFILE C o m p e t e n t P e r f o r m a n c e ABILITIES PROFESSIONAL SKILLS KNOWLEDGE A comprehensive analysis that identifies the abilities, skills and knowledge required to competently perform the tasks of a profession is the cornerstone of a quality professional credentialing program. FPSB s Financial Planner Competency Profile comprised of Financial Planner Abilities, Financial Planner Professional Skills and Financial Planning Body of Knowledge describes the abilities, skills, attitudes, judgments and knowledge that a financial planning professional draws on when working with clients in financial planning engagements. To competently deliver financial planning to a client, a financial planning professional needs to combine the ability to carry out the tasks of financial planning (defined in the Financial Planner Abilities) using appropriate professional skills (defined in the Financial Planner Professional Skills) drawing on his or her knowledge of financial planning matters (defined in the Financial Planning Body of Knowledge). The effective combination of abilities, skills and knowledge is what defines the financial planning professional s performance as competent. FPSB s Financial Planner Competency Profile reflects what a financial planning professional does today as well as expectations for the financial planning profession over the next five years. The Competency Profile describes the full range of abilities, skills and knowledge needed to competently deliver financial planning to clients. Financial planning professionals who have chosen to specialize or limit the scope of their practice (e.g., in one or two Financial Planning Components such as Estate Planning or Tax Planning) consider the entire set of financial planner abilities to identify which Financial Planner Ability to employ during a client engagement. In creating its Financial Planner Competency Profile, FPSB described the abilities, skills and knowledge expected of anyone practicing financial planning. FPSB expects that clients of financial planning professionals will benefit from a globally accepted set of competency standards for financial planning professionals. 2 2

5 FINANCIAL PLANNER ABILITIES Collect quantitative information Fu n d a m e n t a l C O L L E C T I O N ASSET MGT. Collect qualitative information S Y N T H E S A N A L Y S F i n a n c Consider opportunities & constraints TAX ESTATE i a l I S Assess information RISK I S RETIREMENT P l a n n i n g FINANCIAL MGT. Develop/evaluate strategies to create a financial plan P r a c t i c e s I S S Y N T H E S Sample Financial Planner Ability Collection (Asset Management): Collects information necessary to prepare a detailed statement of investment holdings. Financial planning is the process of developing strategies to assist clients in managing their financial affairs to meet life goals. The process of financial planning involves reviewing all relevant aspects of a client s situation across a large breadth of financial planning activities, including inter-relationships among often conflicting objectives. FPSB s Financial Planner Abilities defines the complete set of competencies required of a financial planning professional. The Financial Planner Abilities describes the various tasks that financial planning professionals should be able to carry out during financial planning engagements with clients, regardless of practice type, setting or location. The financial planning professional draws on one or more of the Financial Planner Abilities, in addition to job-related skills, attitudes, judgments and knowledge, to competently deliver financial planning to clients. Regardless of whether the financial planning professional offers comprehensive financial planning or has chosen to limit the scope or level of services (e.g., in one or two components such as Estate Planning or Tax Planning), the financial planning professional needs to be able to master the complete set of abilities required to competently deliver a comprehensive financial plan to a client. Financial planning professionals should master each of the Financial Planner Abilities at an appropriate level, and will likely work with other professionals in evaluating and assessing various aspects of a client s financial situation (e.g., working with lawyers on estate planning matters, working with accountants on tax planning matters, etc.). 3

6 FINANCIAL PLANNER ABILITIES FRAMEWORK Each Financial Planner Ability describes a task that a financial planning professional performs when providing financial planning to a client. While recognizing the integrated nature of the Financial Planner Abilities and that each Ability could appear under multiple categories, for presentation purposes, FPSB has allocated each Financial Planner Ability vertically to one of three Financial Planning Functions (Collection, Analysis and Synthesis) and horizontally to one of six Financial Planning Components (Financial Management, Asset Management, Risk Management, Tax Planning, Retirement Planning and Estate Planning). FINANCIAL PLANNING FUNCTIONS FPSB has categorized the Financial Planner Abilities into three Financial Planning Functions: Collection During Collection, the financial planning professional collects the information required to develop a financial plan. Collection goes beyond simply gathering information to also include identifying related facts by making required calculations and arranging client information for analysis. Analysis During Analysis, the financial planning professional identifies and considers issues, performs financial analysis and assesses the resulting information to be able to develop strategies for the client. Synthesis During Synthesis, the financial planning professional synthesizes the information to develop and evaluate strategies to create a financial plan. CORE FINANCIAL PLANNING COMPETENCIES Collection, Analysis and Synthesis can be further defined by Core Financial Planning Competencies. During Collection, the two Core Financial Planning Competencies are: 1. Collects the quantitative information required to develop a financial plan. 2. Collects the qualitative information required to develop a financial plan. While each of these Core Financial Planning Competencies has distinct and possibly related Financial Planning Abilities associated with it, both draw on the same Fundamental Financial Planning Practices for the Collection function. 4 4

7 During Analysis, the two Core Financial Planning Competencies are: 1. Considers potential opportunities and constraints to develop strategies. 2. Assesses information to develop strategies. While each of these Core Financial Planning Competencies also has distinct and possibly related Financial Planner Abilities associated with it, both draw on the same Fundamental Financial Planning Practices for the Analysis function. During Synthesis, the Core Financial Planning Competency, which draws on the Fundamental Financial Planning Practices for the Synthesis function, is: 1. Develops and evaluates strategies to create a financial plan. FUNDAMENTAL FINANCIAL PLANNING PRACTICES The Fundamental Financial Planning Practices represent the competencies that relate to the financial planning professional s ability to: 1. Integrate among the various Core Financial Planning Competencies and Financial Planning Components; and 2. Understand and master the interrelationships among the various Financial Planner Abilities required to carry out a Financial Planning Function. The financial planning professional will use one or more of the Fundamental Financial Planning Practices when providing financial planning to a client. FINANCIAL PLANNING COMPONENTS FPSB has categorized the Financial Planner Abilities into six Financial Planning Components: 1. Financial Management 2. Asset Management 3. Risk Management 4. Tax Planning 5. Retirement Planning 6. Estate Planning A financial planning professional does not review tax, asset management or retirement needs in isolation when providing financial planning to a client. Similarly, a financial planning professional will incorporate at least one of the Financial Planner Abilities from a particular Financial Planning Function (e.g. Collection) or Component (e.g. Risk Planning) while working on a related, but separate, Function or area of a client s financial situation. 5

8 FINANCIAL PLANNER ABILITIES MATRIX 6 6

9 FINANCIAL PLANNER ABILITIES MATRIX 7

10 FINANCIAL PLANNER ABILITIES MATRIX 8 8

11 TERMS USED IN THE FINANCIAL PLANNER ABILITIES MATRIX Asset Management Strategies and techniques to optimize returns on assets in consideration of the client s requirements and constraints. Asset Allocation An approach to decide how to invest a pool of resources in a broad array of asset classes to determine an asset mix that will best meet a client s return objectives with acceptable and appropriate risk levels. Budget A statement that estimates the financial resources and expenditures for a given period. Cash Flow Statement A statement that summarizes the cash inflows and cash outflows for a given period. Client A person, persons or related entities with whom the financial planning professional has a formal planner-client relationship. Estate Planning Strategies and techniques for preservation and distribution of accumulated assets. Financial Management Strategies and techniques to optimize short- and mid-term cash flow, assets and liabilities. Financial Plan A methodically formulated and detailed strategy or group of strategies used to manage one s financial affairs to meet life goals. Financial Planning The process of developing strategies to assist clients in managing their financial affairs to meet life goals. Fundamental Financial Planning Practices The competencies that are pervasive across all Financial Planning Components that relate to the integration and inter-relationships among the Financial Planner Abilities. Needs An item or condition that is necessary. Net Worth Statement A statement of assets and liabilities. Objectives An outcome that is sought after or aimed for. Personal Financial Statements Net Worth Statement, Cash Flow Statement and Budget, in aggregate. Qualitative Information Information about client qualities, attitudes and preferences. Quantitative Information Information about the client that is objective and measurable. Retirement Planning Strategies and techniques for wealth accumulation and withdrawal during retirement years. Risk Management Strategies and techniques to manage financial exposure due to personal risk. The terms risk, risk exposure and risk tolerance refer to the risk of financial loss due to personal circumstances. Strategy (Strategies) A plan designed to achieve one or more specific objectives. Tax Planning Strategies and techniques to maximize present value of after-tax family net worth. 9

12 FINANCIAL PLANNER PROFESSIONAL SKILLS The Professional Skills described in FPSB s Financial Planner Competency Profile identify the skills that a financial planning professional must be able to draw on to deliver advice to clients in financial planning engagements that involve a high degree of trust, uncertainty, complexity and mutual agreement with clients of varying circumstances, or when interacting with colleagues or others in a professional capacity. Central to FPSB s concept of professionalism is the need for a financial planning professional to use his or her Professional Skills to work in the interest of clients and to uphold and promote the interests of the financial planning profession for the benefit of society. FPSB categorized the Professional Skills required of a financial planning professional into four areas: 1. Professional Responsibility 2. Practice 3. Communication 4. Cognitive Within each Skill category, FPSB identified various components that indicate the practitioner has delivered financial planning at an appropriate level of competence and professionalism. A financial planning professional needs to be able to seamlessly integrate one or more of the Professional Skills with appropriate knowledge and abilities into each of his or her professional actions and interactions, and commit to continually updating his Professional Skills to maintain competency in the field of financial planning. A financial planning professional can use one or more of the Professional Skills to competently perform any Financial Planner Ability. While some of the Professional Skills are specific to financial planning, many are common to all professions

13 FINANCIAL PLANNER PROFESSIONAL SKILLS MATRIX 11

14 FINANCIAL PLANNING BODY OF KNOWLEDGE The ability to effectively practice as a financial planning professional requires a person to master theoretical and practical knowledge in a broad range of financial planning and related topics. Once a person has mastered the Financial Planning Body of Knowledge, he or she can combine that knowledge with professional skills and abilities to competently deliver financial planning. Mastery of the financial planning profession s body of knowledge allows the financial planning professional to gain the respect and trust of clients, and builds the financial planning professional s confidence in his or her ability to competently practice. FINANCIAL PLANNING BODY OF KNOWLEDGE FRAMEWORK FPSB s Financial Planning Body of Knowledge identifies the knowledge a financial planning professional must be able to draw on to deliver financial planning to clients, or when interacting with colleagues or others in a professional capacity. FPSB categorized the Financial Planning Body of Knowledge into 11 areas: I. Taxation II. Insurance III. Investment IV. Retirement, Savings and Income Programs V. Law VI. Financial Analysis VII. Debt VIII. Economic and Regulatory Environment IX. Government Benefits Plans X. Behavioral Finance XI. Ethics and Standards 12 12

15 FINANCIAL PLANNING BODY OF KNOWLEDGE TOPIC CATEGORIES I. TAXATION 1. Assessment Rules 2. Personal Taxation V. LAW 26. Private Law 27. Corporate Law 3. Corporate Taxation 4. Wealth Transfer 5. International Tax Issues VI. FINANCIAL ANALYSIS 28. Analysis of Financial Information II. INSURANCE 6. Business Insurance 7. Life Insurance 8. Disability Insurance/Income Replacement 9. Health Insurance 10. Critical Illness Insurance (includes Dread Disease and Trauma) 11. Property Insurance 12. Casualty Insurance 29. Personal Financial Ratios 30. Cash Management and Budgeting 31. Personal Financial Statements VII. DEBT 32. Consumer Credit and Credit Management 33. Mortgages 34. Leases 35. Insolvency and Bankruptcy III. INVESTMENT 13. Investment Types 14. Investment Structures VIII. ECONOMIC AND REGULATORY ENVIRONMENT 36. Economic Environment 37. Regulatory Environment 15. Types of Investment Risk 16. Measurement of Investment Risk IX. GOVERNMENT BENEFITS PLANS 17. Portfolio Management Techniques 18. Selling and Buying Techniques X. BEHAVIORAL FINANCE 19. Performance Measurement 20. Modern Portfolio Theory XI. ETHICS AND STANDARDS 38. Code of Ethics IV. RETIREMENT, SAVINGS AND INCOME PROGRAMS 39. Financial Planning Practice Standards 21. Government Pension 22. Government Savings 23. Employer/Employee Programs 24. Personal Retirement 25. Personal Savings 13

16 The global symbol of achievement The global symbol of excellence in financial planning CFP certification is the only globally recognized mark of professionalism for financial planners. When seeking objective, expert and trusted financial planning advice, you should always look for the CFP mark. To achieve the best financial planning results, call a CFP professional. For more information on finding a CFP professional near you, visit CFP Certification Global excellence in financial planning TM Financial Planning Standards Board Ltd. owns the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo marks outside the U.S. and permits qualified individuals to use these marks to indicate that they have met FPSB s initial and ongoing certification requirements.

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